Common Measures of Production Activity Include

question 32

Multiple Choice

Common measures of production activity include

• A) units produced.
• B) direct labor hours.
• C) machine hours.
• D) all of these.

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Definitions:

Recession

An interim period of economic fallback, where there’s a noticeable dip in commercial and industrial outputs, customarily marked by a decrease in GDP in two successive quarters.

Depression

a severe and prolonged downturn in economic activity, characterized by significant fall in spending and high unemployment.

Unemployment Rate

The level of unemployment within the labor force characterized by active job search efforts.

Inflation

The rate at which the average cost of goods and services ascends, leading to a decrease in monetary value over time.